Romance Scams: Falling for Love or Falling for a Scam?

For years, even before dating apps rose to popularity, online romance scams have devastated countless individuals, both emotionally and financially. Scammers continuously evolve their tactics, making it even easier to lure unsuspecting victims into their schemes. In 2023 alone, these scams led to over $1.14 billion in reported losses, with victims typically losing around $2,000 each—the highest median loss of any imposter scam. The deception often begins with what seems like a genuine romantic connection, but it quickly turns into manipulation and financial exploitation.

How It Works

• They claim to be far away – Scammers often pretend to be working overseas or serving in the military to explain why they can’t meet in person.
• Their profile seems too perfect – Their photos and details appear highly polished or even stolen from real people.
• The relationship moves too fast – They quickly express deep emotions and push for commitment before you’ve even met.
• They make excuses to avoid meeting – Plans to meet in person never materialize due to constant “emergencies.”
• They ask for money – They create urgent situations, like medical emergencies or business troubles, to request financial help.
• They insist on specific payment methods – They ask for wire transfers, gift cards, or cryptocurrency, making it difficult to track or recover funds.

What You Should Know

• Romance scams are a top driver of financial fraud, often linked to transnational criminal networks. The median loss per victim is $2,000, the highest among all imposter scams.
• These scams take advantage of trust and emotion—once a scammer gains control over a person’s feelings, they can manipulate them into sending money repeatedly.
• Scammers don’t just operate on dating apps—they target people via social media, messaging apps, and even through random text messages posing as “wrong numbers.”
• Many scammers are forced into these crimes—criminal enterprises reportedly kidnap and coerce individuals into conducting these scams, making them both perpetrators and victims.

What You Should Do

• Stop Contact Immediately – If you suspect a scam, cut off all communication immediately.
• Report the Text- Report unwanted messages directly to your phone service provider. For most major carriers, such as AT&T, T-Mobile, and Verizon, you can copy the spam message and send it to 7726.
• Do Not Send Money – If you’ve already sent funds, contact your bank or payment provider to report fraud.
• Verify Their Identity – Perform a reverse image search of their profile pictures and check for inconsistencies in their story.
• Talk to Someone You Trust – Scammers often try to isolate their victims. Seek advice from friends or family members.
• Report the Scam – File a complaint with:
  • FTC (ReportFraud.ftc.gov)
  • FBI’s Internet Crime Complaint Center (ic3.gov)
  • Your bank: Visit our Fraud Prevention & Security Center to report fraud.
• Spread Awareness – Share information to prevent others from falling victim to these schemes.

Source: FTC.com

Please note: The content in this article comes from individual opinions and experiences. The content should not be taken as advice coming from City National Bank of Florida. City National Bank of Florida does not offer tax, legal or accounting advice